VERBUND buys back electricity sales company APC

8/3/2007Wien

On 3 August 2007 VERBUND, Austria's leading electricity company, signed the contract entailing the buyback of electricity sales company "Austrian Power Vertriebs GmbH" (APC) from Slovene energy supplier Istrabenz.

The transfer of ownership is to take place on 16 August 2007. By signing this contract, VERBUND will gain 100 large-scale customers. The purchase price was agreed to be kept confidential.

APC had been sold by VERBUND in 2004; this had been a condition of the EU Competition Authority for the "Austrian electricity solution", in discussion at the time. In 2004, Istrabenz had emerged as best bidder from an international tender.